Biotechnology stocks move lower

Amgen's stock gets modest lift from analyst's upgrade

By

TedGriffith

NEW YORK (CBS.MW) -- Biotechnology stocks fell Monday, with shares of ImClone Systems among the notable decliners amid renewed concerns about potential delays in approval of the company's cancer treatment.

Shares of ImClone Systems
IMCL, +6.11%
continued a recent slide, losing $7.66, or 18 percent, to $35.83. Analysts at J.P. Morgan and Merrill Lynch said recent regulatory difficulties may postpone marketing clearance of ImClone's cancer drug Erbitux until 2003. The company had once hoped to introduce Erbitux early in 2002.See full story.

Elsewhere, shares of No.1 biotech company Amgen eked out a slender gain, closing up 7 cents to $55.69. Shares of Amgen
AMGN, -0.39%
had been up as much as 2 percent earlier in the session, but lost altitude along with the broader sector late in the afternoon.

Lehman Brothers raised its rating on Amgen's stock to "strong buy" from "buy." In a note to clients, Lehman Brothers called Amgen "a top pick because it boasts a solid base of products."

Overall, Lehman Brothers forecasts a good year for biotech stocks in 2002 as a number of companies are expected to win approval to sell new drugs. The investment firm also sees rising sales of products already on the market, including Amgen's anemia treatment Aranesp.

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